from staff
The average person will spend $116.21 this year on traditional Valentine’s Day merchandise, up almost 13 percent from last year’s $103.
According to the National Retail Federation’s 2011 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch, total holiday spending is expected to reach $15.7 billion.
“Having surpassed expectations during the holiday season, it seems consumers are not done spending on gifts, which bodes well for the economy,” said federation President and CEO Matthew Shay.
“Jewelry, candy and apparel sales should provide a nice boost for retailers during the typically slower months of January and February,” he said.
Having cut back on spending in recent years, couples this year will spend an average of $68.98 on their significant other or spouse, up from $63.34 last year.